When an Existing Method Is Changed Because of New Information

question 182

Multiple Choice

When an existing method is changed because of new information being taken in,the process called ____ has taken place.

• A) assimilation
• B) object permanence
• C) accommodation
• D) conservation

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Definitions:

Inventory Units

The individual items or quantifiable segments of products that a business holds in its inventory, each possibly having a different value or cost basis.

Perpetual LIFO

Perpetual Last-In-First-Out is an inventory cost method assuming that the last items added to inventory are the first sold, continually updating inventory and cost of goods sold values.

Ending Inventory

The overall price of items available for selling at the end of a fiscal period.

Inventory Units

Quantities of goods held by a business for the purpose of sale or production.